Just before its $15 billion sale to Intel, Israeli car safety and automation systems company Mobileye (MBLY) has reported a 66% jump in quarterly revenue, from $75.2 million in the first quarter of 2016 to $124.7 million in the first quarter of this year.
GAAP net profit for the first quarter of 2017 was $33.5 million (26.9% of revenue), or $0.14 per diluted share, which compares with $21.9 million (29.1% of revenue), or $0.09 per diluted share in the corresponding quarter of 2016. The GAAP results include a share-based compensation expense, net of tax, of $19.9 million for the first quarter of 2017, compared with $12.8 million in the corresponding quarter. GAAP net profit also includes $6.5 million in expenses associated with the pending Intel transaction.
Non-GAAP net profit, excluding these and other items, was $60.0 million (48.1% of revenue), or $0.25 per share, in the first quarter of 2017, which compares with $34.7 million (46.2% of revenue), or $0.15 per share in the corresponding quarter.
"Mobileye delivered solid first quarter results, growing both revenue and net income by over 50% on a year over year basis while generating cash at a high conversion rate," said Ziv Aviram, co-founder, president and chief executive officer of Mobileye. "Strategically, we added revenue visibility with new ADAS design wins, bolstered alliances with existing and new partners, and took a major step forward with our proprietary high-definition mapping product (REM) by signing definitive collaboration agreements with several major automakers.
"The pending acquisition of Mobileye by Intel will combine best-in-class technologies from both companies and accelerate delivery of a comprehensive value proposition for the automotive industry, while delivering compelling cash value to our shareholders," Aviram said.
Published by Globes [online], Israel business news - www.globes-online.com - on June 1, 2017
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